The price of gold surged to a new all-time high on Wednesday, following President Donald Trump’s announcement of extensive new tariffs affecting most U.S. trading partners.
Around 11:00 PM WAT, gold surpassed its previous record and continued climbing past $3,150 per ounce, as investors sought refuge in the safe-haven asset amid a sharp decline in stock market futures.
Meanwhile, financial markets experienced significant turbulence in response to the tariff announcement.